We present a detailed derivation of the master equations for coherently prepared degeneraternand nondegenerate three-level lasers coupled to vacuum reservoirs. Employingrnthese equations we analyze the squeezing properties of the cavity radiation and the outputrnradiation. We find that under certain conditions squeezed light can be generated. Thernsame equations are also used to study the photon statistics for the two systems. We seernthat the distribution functions have the same form as the one for the signal mode fromrnparametric oscillators